Many Indian investors are victimized by an alleged cryptocurrency scam, and a complaint has been registered against it. The alleged scam has been advertised in three different languages to attract more investors by ensuring up to 900% massive return on investment. Delhi court has issued a notice to the victims of the “IQ option” trading platform to come forward.
The Leaflet publication quoted advocate Saxena statement,
“The platform uses three Indian languages, Hindi, English, and Bangla to target Indian customers”
In the past week, the Delhi court issued a note to be printed in the leading newspaper to call victims of the scam in order to hear their complaints and concerns.
The lawyer Saxena stated, that
“The one-time “free withdrawal” option is exhausted, and thereafter for every withdrawal, a separate withdrawal fee of 2% is charged. It was pointed out that even despite enduring withdrawal fees, a customer is unable to withdraw its amount suffering a monetary loss equivalent to the entire amount invested”.
According to Jan 14th, 2021, the company IQ Option claims to have a database of more than 73.5 million registered users, with a monthly trading volume of more than 393 million USD. The company users are scattered around 30 different countries and allow them to business in cryptocurrency, stock, and forex.
The company provides profitable products consists of various contracts and more complicated profitable products.